---
title: "MRC Global | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 678 M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/264419701.md"
datetime: "2025-11-05T11:47:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264419701.md)
  - [en](https://longbridge.com/en/news/264419701.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264419701.md)
---

# MRC Global | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 678 M

Revenue: As of FY2025 Q3, the actual value is USD 678 M, missing the estimate of USD 854.6 M.

EPS: As of FY2025 Q3, the actual value is USD -0.11, missing the estimate of USD 0.3133.

EBIT: As of FY2025 Q3, the actual value is USD 7 M.

### Financial Highlights

-   **Sales**: $678 million in Q3 2025, a 15% decrease compared to Q2 2025.
-   **Gross Profit**: $125 million, or 18.4% of sales, compared to $157 million, or 20.4% of sales, in Q3 2024.
-   **Adjusted Gross Profit**: $148 million, or 21.8% of sales, compared to $162 million, or 21.0% of sales, in Q3 2024.
-   **Net Loss from Continuing Operations**: - $9 million, compared to net income of $29 million in Q3 2024.
-   **Adjusted Net Income from Continuing Operations**: $11 million, compared to $24 million in Q3 2024.
-   **Adjusted EBITDA**: $36 million, or 5.3% of sales, compared to $47 million, or 6.1% of sales, in Q3 2024.
-   **Revenue Backlog**: $571 million, a 4% increase compared to the same period last year, with a 21% year-on-year increase in the U.S. segment backlog.

### Sales by Segment

-   **U.S. Sales**: $550 million, a $94 million, or 15%, decrease from the same quarter in 2024.
    -   **PTI Sector**: Sales decreased by $54 million, or 30%.
    -   **DIET Sector**: Sales decreased by $39 million, or 23%.
    -   **Gas Utilities Sector**: Revenue decreased by $1 million.
-   **International Sales**: $128 million, a $1 million, or 1%, increase compared to the same period in 2024.

### Sales by Sector

-   **Gas Utilities Sector**: $292 million, a decrease of $1 million from Q3 2024.
-   **DIET Sector**: $199 million, a decrease of $40 million, or 17%, from Q3 2024.
-   **PTI Sector**: $187 million, a decrease of $52 million, or 22%, from Q3 2024.

### Balance Sheet and Cash Flow

-   **Cash Balance**: $59 million as of September 30, 2025.
-   **Long-term Debt**: $476 million (including current portion).
-   **Net Debt**: $417 million.
-   **Cash Used in Continuing Operations**: - $36 million in Q3 2025.
-   **Liquidity**: $536 million as of September 30, 2025.

### Outlook / Guidance

-   **Revenue Growth**: Anticipated mid-to-high single-digit percentage revenue growth sequentially for the entire company in Q4 2025.
-   **Cash Flow**: Expected improved cash flow outlook for 2026 as invoicing returns to normalized levels.
-   **Merger with DNOW Inc.**: Expected to close in Q4 2025, creating a premier energy and industrial solutions provider.

### Related Stocks

- [MRC.US](https://longbridge.com/en/quote/MRC.US.md)

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